Ripplewood and ZelnickMedia Acquire Time Life

Posted on February 13, 2004

Time Inc. has sold Time Life Inc., its global music and video direct marketing subsidiary. Founded in 1961, Time Life is one of the world's leading creators and direct marketers of unique book, music, video and multi-media products. Time Life will be owned and operated by Direct Holdings Worldwide L.L.C., which also owns the Lillian Vernon Corporation. Direct Holdings was formed in connection with the acquisition of Lillian Vernon Corporation by Ripplewood and ZelnickMedia in July 2003 and, with the acquisition of Time Life, is expected to have revenues in excess of $500 million.

The company will operate as a leader in the sale of music and video products under the Time Life brand, as well as a leader in gift, household, and children's merchandise under the Lillian Vernon brand. ZelnickMedia will be responsible for the day-to-day management of the company. Strauss Zelnick will be the Chairman and CEO of the new entity. Direct Holdings has also acquired an exclusive long-term license for the worldwide use of the Time Life brand in the direct marketing of music, video, books and educational software.

"Ripplewood and ZelnickMedia are delighted to have concluded this agreement with Time Inc.," said Strauss Zelnick. "We have enormous respect for Time Life and intend to continue to build upon its history of product excellence and consumer trust. Our strategy in acquiring Lillian Vernon Corporation this summer was to begin to build and operate a stable of leading direct marketing brands. Time Life is our second major acquisition of the year. We are very excited about the opportunity to build upon the foundation of these two terrific businesses."



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